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Veteran Advisor

Floor Talk, August 13, 2019

At the close:

At the close, the Sep. corn futures are 12 3/4¢ at $3.73. Dec. corn futures are 10 3/4¢ lower at $3.82.

Sep. soybean futures are 10 3/4¢ higher at $8.77 1/2. November soybean futures are 10 3/4¢ higher at $8.90.

Sep. wheat futures are 6 1/4¢ higher at $4.78.



December soymeal futures are $4.80 per short ton higher at $303.50.

 December soy oil futures are $0.31 lower at 29.74¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.16 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 427 points higher.

 

Mike

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At midsession:

At midsession, the Sep. corn futures are 12 3/4¢ at $3.73. Dec. corn futures are 10 3/4¢ lower at $3.82.

Sep. soybean futures are 10 3/4¢ higher at $8.77 1/2. November soybean futures are 10 3/4¢ higher at $8.90.

Sep. wheat futures are 6 1/4¢ higher at $4.78.



December soymeal futures are $4.80 per short ton higher at $303.50.

 December soy oil futures are $0.31 lower at 29.74¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.16 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 427 points higher.

Jack Scoville, PRICE Futures Group, says that it’s a tale of two markets today.

“Corn seeing follow through selling from the USDA reports, now has filled a gap below and still finding selling. I think it is going to make a big time low here in the next couple of days, once this round of selling is over. But, an ugly and sad state of affairs and I have real problems with the USDA corn estimate,” Scoville says.

He added, “It is what it is and it will be revised significantly in coming reports, but for now we trade big production and less demand. Beans are higher on the moves by Trump to foster some communication with the tariff delays and China supposedly interest in U.S. ag again. Probably pork, I can’t imagine why China wants U.S. beans when they can get them cheaper in Brazil. Specs and funds selling the corn, not sure who is buying the beans, probably specs,” Scoville says.

 

Mike

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Beans are now up 14¢ per bushel. With the Sep. contract trading at $8.81, Nov. at $8.93 1/2. What a rally, compared with where this market was headed yesterday.

 

Mike

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At 9:10am:

In early trading, the Sep. corn futures are 14 3/4¢ at $3.70. Dec. corn futures are 13 1/4¢ lower at $3.79 3/4.

Sep. soybean futures are 7 1/4¢ higher at $8.74. November soybean futures are 7 1/4¢ higher at $8.86.

Sep. wheat futures are 4 1/2¢ lower at $4.67.

 December soymeal futures are $2.90 per short ton higher at $301.60.

 December soy oil futures are $0.04 lower at 30.01¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.26 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 51 points lower.

Al Kluis, Kluis Advisors, says that investors are selling from yesterday’s USDA numbers that sent the market tumbling.

“The grain markets were sharply lower on Monday after the release of the very bearish USDA Crop Production and supply/demand reports. The hard drop in ethanol prices added to the selling pressure in corn,” Kluis told customers in a daily note.


Kluis added, “What really are soybean crop conditions now? Only 54% of the nation’s crop is rated good to excellent. The USDA soybean crop yield estimate is 48.5 bushels per acre. We think that is too high and will move lower in future reports.”

5 Replies
Senior Contributor

Re: Floor Talk, August 13, 2019

Mike, give us a moment to digest the current hypocrisy.  Talk of another report with the inclination of a correction is a mute point, no? I believe we all agree with you it’s just a shame after having known and stated for the last three months this is still the greedy reality.  I would only assume the next report would be 175bu for corn and 55bu for soybeans.  As well as some hidden 20 million acres added that someone found.!.

Advisor

The Crop Tours

Should be interesting. 

Wonder how the Yield Scouts will account for all the non planted acres?

Jeez,  IL, IN,  OH are big ones full of not planted corn w quite a few beans a whole foot tall.

Wonder if USDA will notice the Crop Yield Tours?

 

 

 

 

 

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Veteran Contributor

Re: Floor Talk, August 13, 2019

So my question is how are we going to store all this corn? I know dozens of farms that have planted zero corn and we have carryover right my friends grain systems sit empty no one has contacted them to store this mythical bounty what say you

Advisor

Re: Floor Talk, August 13, 2019


@FARM4FOOD wrote:

So my question is how are we going to store all this corn? I know dozens of farms that have planted zero corn and we have carryover right my friends grain systems sit empty no one has contacted them to store this mythical bounty what say you


I think the supposed crop is soooo huge that the next big story is most of it was stored on ground piles. 

Then it spoiled and was lost that way..... But saving grace IS the 2020 crop of bout 100 million acres planted by then.. IE those ground piles spoilage losses. 

Just keep in mind even farmers will believe " official spin "  . They have No Other Choice. Just like the Food Consumers. 

I wonder how the 2020 drought will be officially explained?

That will be a total Wreck for corn and beans. 

Thank God we'll have wheat. 

 

 

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Highlighted
Honored Advisor

Re: Floor Talk, August 13, 2019

Propaganda from elites that dont leave the castle is not just a china problem...... and many will believe in any country because they don't see a choice.

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